The previous Don managed to keep his family (only to see it torn asunder by the events of the first "Godfather" movie) while his son, in an effort to protect his father, sacrifices his future...and his family...for a security that may never exist, especially as his trade involves organized crime.
At the end, it is apparent that Michael, now aging, is isolated, alone, and without his wife and children...as far as blood relatives, he's managed to have killed quite a few of them. At the time the film was released, there was no doubt that Michael, in his quest for power, has lost everything, and the future that he had such high hopes for (in his youth) would never come to be despite his ambitions and earlier protestations. Oh, it's true that he wouldn't become a man like his father...but, one suspects that he never suspected that he would be worse.
But, that last scene reveals the "Godfather Saga" to be a tragedy (despite the lionization of "Godfather culture" among fans). There is no triumph in gaining power if you lose everything else. And, if The Godfather Part II wasn't abundantly clear in that point, Coppola's return to the story for Part III/Coda made it unambiguous and twisted the dagger of Fate.
But, I remember this scene of Michael reflecting on the time when he "broke" with the Family, and remember being elated that they got so many people back from the first movie for the flashback: James Caan's Sonny, Gianni Russo's Carlo Rizzi, and Abe Vigota's Tessio. And then you realize with a thump that two of those characters died on Michael's orders, as did John Cazale's Fredo in events of Part II. Maybe it isn't so much a flashback as a "haunt."
But, if you read all the way to the end, what we got on-screen at the end of Part II isn't what was originally written for the movie. What's on-screen is superb. What the plan was, though, is much richer.
Also, apologies for the racial slurs. But, the people uttering them are violent mobsters, so please put that in context. Don't end up like Sonny...or Michael.
The Set-up: It is 1961. The main branch of the Corleone Family has moved from New York to Lake Tahoe with their business in Las Vegas. But, the cost has been huge: Mike Pentangelli (Michael V. Gazzo), the last of the Corleone capo's in New York is dead; Mama Corleone (Morgana King) has died of natural causes; Kay Corleone (Diane Keaton) has divorced The Don, Michael (Al Pacino); and Michael has ordered and had carried out the death of his last remaining blood-brother, Fredo (John Cazale). Alone in his Lake Tahoe retreat, Michael contemplates what has become of his family...and him.
Action.
FREDO (Sure) 
SONNY This is my step brother TOM.
SONNY Oh, let's see that thing.
SONNY
Oh, golly that's nice. Huh.
SONNY
Yea go on --
CARLO
Sure.
SONNY
Boy that's good.
[SONNY wipes some on TOM.]
CONNIE
Hey SONNY don't touch the ante-pasta until Pop gets here.
SONNY
Yea, come on.
SONNY
"I don't feel that way.."
MICHAEL
I didn't ask for it.
TESSIO
Sit down.
Siddown.
Words by Mario Puzo and Francis Ford Coppola
Pictures by Gordon Willis and Francis Ford Coppola
The Godfather Part II is available on DVD, Blu-Ray and 4k UHD from Paramount Home Video.
Interestingly, this is not how The Godfather Part II originally ended. Things change when making a movie, though. Like Marlon Brando doesn't show up for his one day of shooting as the Don and it has to be re-written...that day. Or maybe make-up doesn't work the way you think it will. Or Al Pacino wants a re-write. Richard Castellano wants more money and to write his part. For all sorts of reasons, things changed. As did the originally scripted ending. There's a lot that's similar. There's a LOT that's different and those things incorporate things from the original Godfather, and also things that would not be discussed again until the writing of The Godfather Part III.
This is the SECOND DRAFT
dated September 24, 1973
MED. VIEW
The peninsula of the private Corleone Harbor. We see the
figures of two people, seated at a table.
MED. VIEW
Michael sits at a table having a sparse lunch. He is
attended by his sister Connie, who seems to be the closest
person now living on the estate with him. We see from the
way she pampers him with his lunch, that she has fallen into
the role of a surrogate Mother-Wife. He seems older than
his years, as though his illness, diabetes, has taken its
toll.
CONNIE
Don't worry; I'm sure he got here
on time. The roads from the
airport are so windy, it takes
forever; I've driven them myself.
She picks up some of the serving plates that he has left
untouched.
CONNIE
I'll bring him out to you as soon
as he comes.
She moves back to the main house.
MED. CLOSE VIEW ON MICHAEL
He turns and looks at the rough water of the lake for a
moment. He slowly takes a sip of wine.
EXT. A PLACE IN THE GARDEN - DAY
There are a few chairs.
MED. VIEW ON ANTHONY CORLEONE
He is eighteen years old.
ANTHONY
Hello, Dad.
VIEW ON MICHAEL
squinting up at his son.
MICHAEL
Anthony.
He rises, and reaches up to his son, who is now taller than
he; he embraces him.
MICHAEL
You've grown so tall... so tall in
the last year. You're much taller
than me.
ANTHONY
I was taller than you when I was
fourteen.
MICHAEL
Sit down. Your Aunt Connie and I
waited for you to have some lunch,
but now it's all dried out.
ANTHONY
I'm not hungry.
MICHAEL
Well, that's alright... alright.
Good. You'll graduate in another
year, isn't that right? You know...
I never finished college. I was a
good student, but I never finished.
Of course, there was a war then.
Connie approaches them.
CONNIE
Don't let me interrupt anything,
this will just take a second. Here.
(she takes out a
small needle, and
begins to prepare it)
CONNIE
Your father has to have his insulin
shot. Why don't you go to your
room and put your things away,
Anthony.
She begins to give Michael the shot.
MICHAEL
Hurry back; we'll talk. We'll talk.
Anthony goes on his way to the house with his things.
Connie gives Michael the shot.
CONNIE
Whenever I see that lake so cold, I
think of poor Fredo, drowned. Lake
Tahoe is very cold. They say if a
person drowns in it, that the body
will remain mid-suspended --
perfectly preserved. Some say it
will remain forever.
She finishes the shot, puts her things away.
CONNIE
Your boy will be right back.
She leaves.
VIEW ON MICHAEL
Alone in the garden.
OUR VIEW begins to MOVE CLOSER to him. We begin to HEAR
MUSIC of the forties; happy music, swing music, as we move
CLOSER to Michael.
DISSOLVE TO:
INT. OLD CORLEONE HOUSE - MED. VIEW - NIGHT
SONNY CORLEONE, his arm wrapped around a smiling red-faced
Carlo Rizzi, pulls him into the Corleone dining room.
SONNY
Hey, who knows my buddy Carlo Rizzi.
Here... my brother Fredo, here's my
Mom. Mom, whatcha got cooking?
And Carlo, this is my kid sister
Connie. Here, pull up a chair,
Carlo is sitting next to Connie.
Oh, the droopy kid over there is
Mike. The college boy.
An older, lanky man enters the room, his arms laden with
presents.
SONNY
This is TESSIO.
TESSIO
Buon Natale, everybody. Buon
Natale...
(he smiles at Tom Hagen)
Hi, Tom, how's every little thing?
HAGEN
(helping him with the presents)
Wonderful, Sal.
Now the study door opens, and DON CORLEONE enters.
DON CORLEONE
Is dinner ready?
MOM
Two minutes.
The Don happily regards his family; his sons and daughters
and even some Grandchildren. He raises a glass.
DON CORLEONE
A good life, a long life to all my
children, and friends. To my
grandchildren, and those that will
be. To our family.
They all drink.
They refill glasses; then Tessio proposes a toast.
TESSIO
To our Godfather.
They all drink.
INT. THE DINING ROOM - MED. VIEW - NIGHT
The family is happily at Christmas dinner. Don Corleone
seated at the head of the table.
SONNY
What'd you think of those Japs, eh?
The nerve of those Japs, coming
right here in our own backyard
dropping bombs!
HAGEN
Well, we could have expected it
after the embargo.
SONNY
Hey! Expect it or not, those Japs
don't have a right to drop bombs in
our backyard. Whose side you on?
MAMA
Please, do we have to talk about
the war at the table? On Christmas,
much less.
VIEW ON MICHAEL
He has been listening to this discussion.
MICHAEL
Pop, I've decided I'm going to
enlist.
A quiet hush descends over the table, as though everyone
knows the effect this will have on the old man. Sonny tries
to make light of it.
SONNY
Kid, stay in college. The girls
are cuter, if you know what I mean.
HAGEN
Pop had to pull a lot of strings to
get you your deferment.
MICHAEL
I never asked for it; I don't want
it.
VIEW ON DON CORLEONE
Disturbed; but wise and prudent.
DON CORLEONE
My son wants to talk about this,
and so we'll talk, but not at the
dinner table.
He rises, and starts across the room toward his study. Then
he looks back.
DON CORLEONE
Michael.
He disappears into his study. Michael rises, glances around.
People are generally tense over the situation. Michael
follows his father into the study.
INT. DON CORLEONE'S OLD STUDY - NIGHT
The Don closes the door behind his son, and then moves
across the room. He stops at the little bar there, and
pours himself a brandy.
DON CORLEONE
Would you like some?
MICHAEL
No, Dad.
DON CORLEONE
Now what is this talk about joining
the army? Eh?
MICHAEL
It's not talk; I'm doing it.
DON CORLEONE
You would risk your life for
strangers?
MICHAEL
Not for strangers; for my country.
DON CORLEONE
Anyone not in your family, is a
stranger. Believe me, when trouble
comes, your country won't take care
of you.
MICHAEL
That's how it was in the old world,
Pop, but this is not Sicily.
DON CORLEONE
I know. I know, Michael. It's
Christmas, your brothers and sister
are all here -- we are happy.
Let's not spoil this. Go your own
way, but when you are ready, come
to me the way a son should. I have
hopes for you...
CLOSE VIEW ON MICHAEL
looking at his father with a mixture of great love, and also
fear, and confusion.
MICHAEL
I won't be a man like you.
DISSOLVE TO:
EXT. THE TAHOE ESTATE - HIGH FULL VIEW - DAY
The leaves are blowing. MUSIC comes up.
Michael and his young son, Anthony, walk through the grounds
of the estate, talking about things we cannot hear.